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Currently, the responsibility for administering the Act [1] and its regulations [2] is with the Consumer Financial Protection Bureau (CFPB). A regulated developer is to provide each purchaser with a disclosure document called a Property Report.
The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, 12 U.S.C. §§ 2601–2617.
For example, the Federal Trade Commission says nearly $2.7 billion in losses were reported from impostor scams in 2023, but that includes all impostor schemes — not just real estate ones.
A closely related test is risk-utility test. Traditionally, the risk-utility test was used for design defects, while the consumer expectation test was applied to manufacturing defects. However, some jurisdictions apply the consumer expectation test to design defects as well. See Calles v. Scripto-Tokai Corp., 2007 WL 495315 (Ill. Feb. 16, 2007).
As the Tincher court addressed the historical rationale for strict liability in product cases and grappled with the niceties and distinctions between tort principles of negligence and strict ...
Property Rules, Liability Rules and Inalienability: One View of the Cathedral is an article in the scholarly legal literature (Harvard Law Review, Vol.85, p. 1089, April 1972), authored by Judge Guido Calabresi (of the United States Court of Appeals for the Second Circuit) and A. Douglas Melamed, currently a professor at Stanford Law School.
Flat-fee real estate agents charge a seller of a property a flat fee, $500 for example, [11] as opposed to a traditional or full-service real estate agent who charges a percentage of the sale price. In exchange, the seller's property will appear in the multiple listing service (MLS), but the seller will represent him or herself when showing the ...
The modern trend in the U.S. is that the implied warranty of fitness for a particular purpose applies in the real-estate context to only the sale of new residential housing by a builder-seller and that the caveat emptor rule applies to all other real-estate sale situations (e.g. homeowner to buyer). [3]
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